Tesco is reported to be exploring the sale of its remaining overseas operations, its "central Europe" division of 560 stores across Czechia, Slovakia and Hungary, having engaged bankers to weigh its options. This marks the effective end of the global ambitions set out by former chief executive Sir Terry Leahy, who in 2007 predicted half the group's revenues would come from abroad within a decade. The retreat matters because it confirms a strategic pivot away from international expansion and towards consolidating Tesco's already dominant position in the UK.

The withdrawal has unfolded over years and through several setbacks: the US venture Fresh & Easy was written off at more than £1bn, a major accounting scandal in 2014 turned management's focus inwards, and large disposals followed, including the South Korean Homeplus business for £4.2bn in 2015 and the Thai and Malaysian operation for £8bn in 2020. Meanwhile, the strategy has rewarded investors, with the share price doubling in five years and Tesco holding a UK market share of 28.2% — more than Sainsbury's (15.2%) and Asda (11.5%) combined. Aided by the 2018 acquisition of Booker for £3.7bn, Tesco is now targeting a 30% share, keeping shareholders content and its chief executive on around £10m a year.